Here's how auto technology will change claims

Here’s how auto technology will change claims

Insurers and auto manufacturers are using technology to meet growing consumer expectations, and this will have a major impact on the auto insurance market. (Photo: Shutterstock)
Insurers and auto manufacturers are using technology to meet growing consumer expectations, and this will have a major impact on the auto insurance market. (Photo: Shutterstock)

The U.S. automotive insurance market will face numerous challenges in 2017 and beyond.

As the auto industry responds to changing vehicle technology and notions of personal mobility, and the growth of digital technologies, the internet of things (IoT), artificial intelligence (AI) and analytics, the type of insurance products carriers will underwrite and the way claims are resolved will also change.

Safety redesigned

In 2003, 47 percent of all repairable vehicle appraisals were for vehicles ages zero to three years of age (MY 2000 to MY 2003). When vehicle sales fell sharply during the recession, the vehicle fleet aged, but a seven-year streak of strong new vehicle sales has led to growth among the newest vehicles again.

 

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